Swiss Market Ends Weak Again
(RTTNews) - After a flat start and a subsequent mild retreat, the Switzerland stock market saw a brief spell in positive territory Tuesday morning but faltered and spent the rest of the day's session in the red.
Worries about a potential global recession hurt weighed on sentiment.
The benchmark SMI ended with a loss of 49.38 points or 0.44% at 11,233.87.
Sika drifted down 2.82% and Logitech ended 2.29% down. Nestle ended lower by 1.29%, while ABB and Alcon both ended lower by a little over 1%.
Givaudan, Geberit, Richemont, Lonza Group and Partners Group also closed weak.
Credit Suisse climbed 1.03%. Swisscom surged 0.71%, while Swiss Re and Holcim ended higher by 0.56% and 0.47%, respectively.
In the Mid Price Index, AMS tanked more than 17%. Bachem Holding, Ems Chemie Holding, SGS, Adecco and Belimo Holding ended lower by 1 to 1.4%.
Temenos Group rallied 5.74%. Tecan Group ended higher by 1.81%, while Galenica Sante, Helvetia, Baloise Holding and Swatch Group posted moderate gains.
In economic news, a report from the State Secretariat for Economic Affairs said the Swiss unemployment rate edged up to a non-seasonally adjusted 2.2% in January 2023, from 2.1% in the previous month. The latest figure pointed to the highest reading since April 2022.
On a seasonally adjusted basis, the unemployment rate stood at 1.9%, the same as in December.
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